Heat the oil in large pot, saute onions until translucent.
Add minced garlic, curry powder, chili powder, salt, thyme and carrots. Stir well and saute 5 minutes.
Add chopped squash, broth and water. Bring to a boil.
Reduce heat and simmer 30 minutes, or until all vegetables are soft. Turn off heat. Remove thyme stems and discard.
Using a blender, food processor, or immersion blender, puree the soup until smooth. Add water to thin if desired. Serve hot, ladled into bowls with a dollop of plain yogurt.